Thursday, March 1, 2012
LAKE WORTH, FL– Advenir, a premier provider of multi-family real estate investment and management services, has acquired Advenir at Boynton (formerly Colony Club) (top left photo), a 214-unit Class A apartment community located at 7132 Colony Club Drive in the Boynton Beach submarket of Palm Beach County, Florida for $26.65 million.
“We were attracted to Advenir at Boynton because of the management upside, significant value to replacement cost, strong market fundamentals and lack of new construction,” said Todd Linden (middle right photo), Chief Acquisition Officer of Advenir.
“Advenir is actively looking to acquire stabilized income producing multi-family assets in markets that have exhibited, and are projecting, healthy economies, positive employment growth, and in-migration.”
Linden went on to say that Advenir will implement a capital improvement program for this property focused on beautifying the exterior of the buildings and upgrading the community amenities.
Built in 2005, Advenir at Boynton offers a for-sale feel with luxurious interiors including full size washer/dryers, ceiling fans, nine-foot ceilings, ceramic tile flooring, walk-in closets, Internet access, intrusion alarms, balconies/patios with hurricane shutters, windows with impact glass, gourmet kitchens with Whirlpool appliances, microwaves and direct-access one- and two-car garages.
Community amenities include automated gate access, clubhouse, pool with spa, fitness center, tot lot, two tennis courts, basketball court, sauna, locker rooms, picnic areas with BBQ, gazebo, extra storage, and onsite large lake creating beautiful waterfront views.
Advenir at Boynton is 84 percent leased while the market is at 94 percent leased. The community features 34 one bedroom/one bathroom units, 118 two bedroom/two bathroom units and 62 three bedroom/two bathroom units. Currently, rents average $1,000-$1,600 per month.
Advenir represented itself in the transaction. Avery Klann (lower right photo) and Hampton Beebe (lower left photo) of Apartment Realty Advisors represented the seller, New York-based Holiday Organization.
Additional Company information is available at www.advenir.net.
LOS ANGELES, CA – Kimberly Roberts (middle right photo) Stepp, senior managing director with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed two multifamily property sales totaling $3,575,000 million within Los Angeles’ Westside submarket. Roberts Stepp represented both sides on each of the two transactions.
The first property is located at 1412 17th Street in Santa Monica near the major cross streets of Santa Monica Blvd. and 17th Street. The 7-unit property sold for $2,025,000 and closed escrow at a low 4.3 percent cap rate. The seller was Picone Trust and the buyer was LS Investments from Los Angeles.
“This property sold for $25,000 over the asking price and closed in just 14 days,” said Roberts Stepp. “This is another testimony to the reemerging strength of the Westside apartment market and a result of the current shortage of product.”
The second property is located at 2820 3rd Street in Santa Monica (top left photo) near Main Street. The 6-unit property sold for $1.55 million and closed escrow in less than three weeks at a sub 4 percent cap rate. The seller and buyer were both private investors from Los Angeles.
“The investment presented significant upside in rents. Additionally, the buyer had the opportunity to obtain seller financing on the property,” said Roberts Stepp. “Even with cap rates in the 4 percent range in the Santa Monica area, investors see the opportunity for a stable, well located investment that appreciates over the long term.”
A top broker with Charles Dunn Company, Roberts Stepp specializes in the sale and exchange of multifamily, development sites and commercial real estate in the areas of Santa Monica and the Westside.
Contact: Darcie Giacchetto, 949.278.6224
MAITLAND, FL --- NAI Realvest recently negotiated a new lease agreement for 2,000 square feet of industrial space at 631 Progress Way at Monroe CommerCenter South (top left photo) in Sanford.
Michael Heidrich, a principal in the firm, brokered the transaction representing the landlord, Maitland-based COP-Monroe LLC and the tenant Half Full Coffee, Inc. d/b/a Twisted Cuban, a local mobile Cuban cuisine kitchen.
For more information, contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest 407-875-9989 email@example.com
Beth Payan, Larry Vershel Communications, 407-644-4142 firstname.lastname@example.org
St. Andrews Apartments is situated on a 20-acre site at 9900 Broadway Street close to Highway 288, the Texas Medical Center and downtown Houston in Pearland. The property has an average unit size of 945 square feet and is 99.6 percent leased.
The HFF investment sales team representing the seller included senior managing directors Craig LaFollette (middle right photo), Todd Stewart (middle left photo) and Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States.
Venterra currently manages a portfolio of multi-family real estate assets totaling over $850 million in value that generates gross annual income in excess of $90 million.
The organization has completed in excess of $1.5 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 450 people.
TODD STEWART CORTNEY COLE
HFF Senior Managing Director HFF Director
(202) 533-2500 (202) 533-2500
HFF Associate Director, Marketing
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Donald Morrow Named Managing Director of Phoenix Office
Phoenix, AZ (Mar. 01, 2012) – As part of an ongoing initiative to ensure the continued strength of its regional leadership team, Voit Real Estate Services has appointed Donald Morrow as Managing Director of the firm’s Phoenix operations, according to Robert D. Voit (top right photo), Chief Executive Officer of Voit Real Estate Services.
“Over the past year, Voit’s Phoenix office has more than doubled the size of its brokerage to meet the increasing demand of new assignments,” said Voit.
“The addition of Don will enable us to continue to produce real solutions for our clients, while further integrating our brokerage and asset services platforms in order to meet the needs of real estate owners, operators, buyers and tenants in the Phoenix market.”
In his new role, Morrow will oversee all aspects of Voit’s operations in the Phoenix market, including brokerage, asset and property management.
Prior to joining Voit, Morrow served as a partner at Biltmore Holdings.
IRVINE, CA (Mar. 1, 2012) – As part of Voit Real Estate Services’ strategic initiative to further strengthen its regional leadership team, Mark Read (middle left photo) has been named to the position of Executive Managing Director.
Mark’s primary responsibility will be managing and leading Voit’s Irvine office, though he will also oversee the company’s Orange County, Los Angeles and Inland Empire operations, according to Robert D. Voit, Chief Executive Officer of Voit Real Estate Services.
“Mark’s experience in integrating business lines across multiple divisions will be beneficial to our brokers and asset services providers, as well as our clients,” said Voit. “He will be a vital asset in fueling the ongoing success of our teams in Orange County, Los Angeles and the Inland Empire.”
Read brings more than 30 years of experience in the commercial real estate industry to Voit. In his new role, he will spearhead Voit’s brokerage, asset and property management operations in each of his assigned markets.
Further information is available at www.voitco.com.
Judith Brower/Jenn Quader
Brower, Miller & Cole
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, announced that the joint venture between Chatham and Cerberus Capital Management LP, which owns 64 hotels with 8,329 rooms/suites, closed on a $130 million mortgage loan secured by 10 previously unencumbered hotels comprising 1,707 rooms.
Eastdil Secured, L.L.C. arranged the $130 million first mortgage and mezzanine non-recourse financing with lenders Citibank, N.A., Wells Fargo Bank, National Association and an affiliate of Starwood Property Trust, Inc.
The maturity of the facilities is three years with two one-year extension options and carries an all-in interest rate of 6.9 percent.
“We believe the joint venture is going to be very successful for Chatham, Cerberus and our shareholders, and this is a first step toward optimizing our equity investment returns in the joint venture,” said Dennis Craven, Chatham’s chief financial officer.
“The joint venture has now returned over $1 per share in cash to Chatham. Our remaining equity investment in the joint venture is approximately $24 million, and we are excited about the expected future returns to Chatham shareholders from this remaining investment.”
Additional information about Chatham may be found at www.chathamlodgingtrust.com.
Dennis Craven (Company),
Chief Financial Officer,
Jerry Daly or Carol McCune,
Daly Gray (Media),
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
RealtyTrac® Reports Pre-Foreclosure Sales Volume Up From Year Ago; REO Sales Volume Down; More Than 907,000 Foreclosure-Related Sales For All 2011
IRVINE, CA – Mar. 1, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q4 and Year-End 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all U.S. residential sales during the fourth quarter — up from 20 percent of all sales in the previous quarter, but down from 26 percent of all sales in the fourth quarter of 2010.
Third parties purchased a total of 204,080 residential properties in some stage of pre-foreclosure (NOD, LIS, NTS, NFS) or bank-owned (REO) during the fourth quarter, down 8 percent from a revised third quarter total and down 2 percent from the fourth quarter of 2010.
That brought total foreclosure-related sales in 2011 to 907,138, down 2 percent from 2010 and accounting for 23 percent of all sales during the year.
The average sales price of homes in foreclosure or bank owned was $164,944 in the fourth quarter, nearly identical to the average foreclosure-related sales price in the previous quarter and down 5 percent from the fourth quarter of 2010.
The average price of a foreclosure-related sale was 29 percent below the average price of a non-foreclosure sale during the quarter, down from a 34 percent foreclosure discount in the third quarter and down from a 35 percent foreclosure discount in the fourth quarter of 2010.
“Sales of foreclosures in the fourth quarter continued to be slowed by questions surrounding proper foreclosure paperwork and procedures,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.
“Even so, foreclosures accounted for nearly one in every four sales during the quarter and for the entire year. We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months.”
For a complete copy of the company’s news release and statistics, please contact:
949.502.8300, ext. 268
949.502.8300, ext. 139
Order Custom Data:
949.502.8300, ext. 158